Michael Kors Holdings’ (KORS) Buy Rating Reaffirmed at Jefferies Group

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Michael Kors Holdings Ltd. (NYSE:KORS)‘s stock had its “buy” rating reissued by equities research analysts at Jefferies Group in a report released on Sunday.
Other equities research analysts have also recently issued reports about the stock. Citigroup Inc. reiterated a “neutral” rating on shares of Michael Kors Holdings in a report on Monday, May 16th. BMO Capital Markets set a $46.00 price target on shares of Michael Kors Holdings and gave the company a “hold” rating in a report on Thursday, August 11th. JPMorgan Chase & Co. upped their price target on shares of Michael Kors Holdings from $47.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 11th. Zacks Investment Research upgraded shares of Michael Kors Holdings from a “sell” rating to a “hold” rating in a report on Tuesday, August 9th. Finally, Wedbush decreased their price target on shares of Michael Kors Holdings from $46.00 to $44.00 and set a “neutral” rating for the company in a report on Thursday, August 11th. Twenty investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $54.50.
Michael Kors Holdings (NYSE:KORS) traded down 2.93% during trading on Friday, hitting $47.73. The stock had a trading volume of 2,008,738 shares. The company has a market cap of $8.06 billion, a PE ratio of 10.77 and a beta of 0.88. The stock has a 50-day moving average price of $50.08 and a 200-day moving average price of $51.01. Michael Kors Holdings has a 52 week low of $34.83 and a 52 week high of $59.49.

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Michael Kors Holdings (NYSE:KORS) last issued its quarterly earnings data on Wednesday, August 10th. The lifestyle brand reported $0.88 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.74 by $0.14. The firm earned $987.90 million during the quarter, compared to analysts’ expectations of $954.13 million. Michael Kors Holdings had a net margin of 17.33% and a return on equity of 43.05%. Michael Kors Holdings’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the prior year, the company posted $0.87 earnings per share. Equities analysts predict that Michael Kors Holdings will post $4.57 EPS for the current year.
In other news, SVP Lee S. Sporn sold 26,341 shares of Michael Kors Holdings stock in a transaction on Friday, September 2nd. The shares were sold at an average price of $50.02, for a total transaction of $1,317,576.82. Following the transaction, the senior vice president now directly owns 40,707 shares of the company’s stock, valued at $2,036,164.14. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Cathy Marie Robinson sold 6,643 shares of Michael Kors Holdings stock in a transaction on Monday, June 13th. The stock was sold at an average price of $50.02, for a total transaction of $332,282.86. Following the transaction, the senior vice president now directly owns 11,116 shares in the company, valued at $556,022.32. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in KORS. Meag Munich Ergo Kapitalanlagegesellschaft purchased a new position in shares of Michael Kors Holdings during the third quarter worth $5,394,000. Thompson Siegel & Walmsley LLC boosted its position in shares of Michael Kors Holdings by 29.9% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 509,770 shares of the lifestyle brand’s stock worth $20,421,000 after buying an additional 117,470 shares in the last quarter. State Treasurer State of Michigan boosted its position in shares of Michael Kors Holdings by 5.3% in the fourth quarter. State Treasurer State of Michigan now owns 734,000 shares of the lifestyle brand’s stock worth $29,404,000 after buying an additional 37,000 shares in the last quarter. Grimes & Company Inc. boosted its position in shares of Michael Kors Holdings by 8.9% in the fourth quarter. Grimes & Company Inc. now owns 103,352 shares of the lifestyle brand’s stock worth $4,140,000 after buying an additional 8,433 shares in the last quarter. Finally, Wilsey Asset Management boosted its position in shares of Michael Kors Holdings by 4.1% in the fourth quarter. Wilsey Asset Management now owns 152,141 shares of the lifestyle brand’s stock worth $6,094,000 after buying an additional 5,976 shares in the last quarter. 93.65% of the stock is currently owned by institutional investors.
Michael Kors Holdings Company Profile
Michael Kors Holdings Limited is a global accessories, footwear and apparel company. The Company operates its business in three segments: retail, wholesale and licensing. It offers two primary collections: the Michael Kors luxury collection and the MICHAEL Michael Kors accessible luxury collection. In the Michael Kors collection, it offers accessories, including handbags and small leather goods, many of which are made from leathers and other exotic skins, footwear and apparel, including ready-to-wear women swear and menswear.

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